My Royal Bank of Canada RBC Online Banking Account Review

RBC Intro

Royal
Bank of Canada or RBC is Canada's
largest public listed bank as measured by both assets and market
capitalization. As of February 2011, Royal Bank of Canada has a market cap of 79.2
Billion. The RBC Bank is listed at Toronto Stock Exchange (TSX: RY) and New
York Stock Exchange (NYSE: RY). Royal Bank of Canada is also known as Banque Royale du Canada in French. Royal Bank of Canada is one of North America’s
leading diversified financial products and services. RBC provides personal and
commercial banking, wealth management services, insurance, corporate and
investment banking and transaction processing services on a global basis. The
RBC also has more than 78,000 employees who serve close to 18 million personal
customers, businesses, public sectors and institutional clients through offices
in Canada, the U.S. and 51 other countries (China, Hong Kong,
Singapore, United Kingdom, Spain,
Brazil,
UAE and more). It also has
the largest retail banking network in Canada with more than 1,000
branches and 3,900 ATM bank machines. RBC main online website can be accessed
on www.rbc.com.

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RBC Details

RBC Royal Bank was founded in 1864 at Halifax, Nova Scotia, Canada. The current headquarters are located at Toronto, Ontario, Canada and Montreal, Quebec, Canada. The RBC Bank CEO currently is Gordon Nixon. RBC Royal Bank also has a subsidiary bank operated under RBC Bank name (previously known as RBC Centura); RBC Bank has various local branches in southeastern part of USA especially in North Carolina, Georgia, Virginia, South Carolina and Florida.

The RBC is organized into 5 business segments: Canadian Banking, Wealth Management, International Banking, Capital Markets and Insurance. Canadian Banking provides services through its personal banking, business financial services, cards and payment solutions and insurance businesses. RBC Capital Markets provides corporate and investment banking, trading and sales, and research to corporate & institutional clients in North America and select global markets.

RBC Wealth Management is largely comprised of RBC Dain Rauscher, the wealth management arm of RBC in the U.S. With > C$12 billion in mutual fund assets under management. The Canadian wealth management business is the leading mutual fund provider among Canadian banks. RBC focus in wealth management is on high net worth customers. International Banking offers personal and business banking and retail brokerage services in the US, the Caribbean, and other international countries.

Merger & Acquisition

RBC recently acquired the following companies or banks:

BlueBay Asset Management for £963 million in 2010

Phillips Hager & North for C$1.32 billion in 2008

Alabama National BanCorporation for US$1.64 billion in 2008

AmSouth Bank for US$1.50 billion in 2007

Flag Financial Corp in 2006

Note: RBC will sell its Liberty Life Insurance Co unit for US$628 million - Pending

RBC Mobile Banking

For mobile access,
RBC also two ways to access your banking accounts such as smartphones app
(BlackBerry and iPhones or iPad or iPod Touch) and RBC Mobile Web Banking. Customer can access mobile banking to do the following financial transactions

View your account
balances or activity or transaction history

Pay bills instantly

Execute transfer
funds between RBC accounts

Send Interac Email
Money Transfers to friend or family member

Find RBC branches and
ATMS for RBC Smartphone Apps user only

Banking Accounts

In Canada, Checking account is known as Banking Accounts. There are 5
main Banking Accounts

RBC Day to Day Banking – Free with MultiProduct rebate otherwise $4 per
month, 15 free debits transaction per month, $3 per month for overdraft
protection

RBC Direct Investing

RBC Royal Bank offers various direct investing accounts.There are 6 main direct investing accounts such as Tax Free Savings Account, Investment account, retirement savings account, RESP account, Retirement income accounts and non personal account. For trader or investor, you can trade stock or ETF from as low as $6.95 - $9.95 per trade.

To qualify, for this low trade commissions, such
as

$6.95 per trade – execute
150+ trades per quarter

$9.99 per trade– has
$50,000 of combined account balance or execute 30-149 trades per quarter

Otherwise, it is
$28.95 per trade (up to 1,000 shares)

RBC Mutual Funds

RBC also offers
various mutual funds products. The funds were grouped as follow

Final Thoughts

Royal Bank of Canada
offers variety of financial products such as Credit card, Saving, Banking
account, mutual funds, insurance, and investment for its customer. Although,
there is no true free Banking account, the account fee is reasonable for casual
customer. Most of the account also offers an overdraft protection for a fee or
free.

For long term
investor, RBC also offers various types of mutual funds such as US Index fund
or Canadian Index Fund and many more. The RBC Royal Bank offers RBC Direct
Investing for its customer. The RBC Direct Investing can provide additional
tools for customer to invest in stocks, ETFs or mutual funds. There are more
than 50 different mutual funds offered by RBC Royal Bank. If you need a credit
card, there are also various types of credit cards such as a no annual fee credit card or
rewards credit card.

signing into my bank accounts has become a pain.... im automatically referred to the USA Site every time i sign in. Why are you not looking after your Canadian Clients?

mike Jackson 5 years ago

signing into royal bank canada online is now all but imposible how about looking after your Canadian client who live in canada and pay all the bills everything nearly on the net refers to RBC us.

robert spencer kerton 6 years ago

i need to look at my bank account

Andy 6 years ago

If you live offshore why dont you open an RBC offshore account? Eg in the channel islands?

Author

chan0512 6 years agofrom Camarillo, CA

Siliconpalms,

Thanks for your kind words. I'll do review of Canadian Banks in future. I plan to do details review of all banks in the world. I learn a lot of stuff by doing this research and review. More to come.

I agree if you live offshore ... depending on your location, I think HSBC may be one of the good choice for banking or some local banks may do as well.

siliconpalms 6 years agofrom Sao Paulo

Another great article! As a Canadian, this time I'm a little surprised that you'd review a Canadian Bank, since you're an American but never-the-less you've written a more complimentary review of RBC than I've ever read. Makes me feel like opening an account there - although I won't, since I live offshore. Keep up the great work!